YTL Power to buy Dutch hotel group for RM290 million

PETALING JAYA: YTL Power International Bhd's indirect unit YTL Jawa Energy BV (YTLJE) is planning to acquire the entire shares in Bel Air Den Haag Beheer BV (Bel Air) for 60.3 million euros (RM289.7 million) cash.
Bel Air, which was incorporated in Amsterdam, the Netherlands on 2011, is the legal and beneficial owner of the Marriott The Hague, a 306-guestroom hotel located at The Hague, Netherlands.
YTL Power told the stock exchange that its unit had entered into an agreement with Bel Air Hotel Holdings for the proposed acquisition. Upon completion of the proposed acquisition, Bel Air will become a subsidiary of YTLJE and an indirect subsidiary of YTL Power.
The group said the proposed acquisition will enhance its earnings potential, but is not expected to have any material effect on its earnings, net assets or gearing for the current financial year.
At the noon break, YTL Power' share price was unchanged at RM1.10 on some 373,800 shares done.